Ramadan and Eid Discounts Drive Customers to Spend More This Festive Season

Ramadan and Eid Discounts Drive Customers to Spend More This Festive Season

A Ramadan study conducted in UAE and KSA this year by Toluna – a leading provider of market research and consumer insights, to analyse behavioural change during the festive season suggests that about 4 in 10 consumers expect to spend more on Ramadan and Eid this year. In fact, 80% of residents said they wait for Ramadan in-store events and like to pamper themselves and their families with gifts during the holy month.

When it comes to car insurance, nearly half said that they would speed up the renewal payment to take advantage of Ramadan promotions – majority being interested in product discounts more than gift vouchers and giveaways. 

Additionally, in January 2023, GIG Gulf Insurance commissioned a research study to YouGov, a leading global market research firm to study consumer behaviour around insurance purchase. The study highlighted the value placed on love, education, and memories over material wealth wherein 4 out of 10 said if they could, they would insure these invaluable things in life.  

Our Chief HR and Marketing Officer of GIG Gulf Insurance, Caroline Bertrand, said, “While insurance cannot protect the abstract concept of love, it can shield our loved ones from potential harm. For instance, home insurance can protect against legal liability for damages or accidental bodily injury to those we care about. Insuring what we love grants us a sense of freedom, enabling us to live in the moments that matter without worry or anxiety. During the holy month of Ramadan and Eid, when we want to be close to those we love, we can achieve peace of mind by protecting them from unforeseen circumstances.” 

Furthermore, it was interesting to note that 7 out of 10 believe insurance to be a financially wise solution to unforeseen risks but say it is one of the last items they consider when budgeting for expenses – Westerners being less likely to subscribe to such behaviour. Around 70% like to research their options well when buying insurance while around 66% also say they go by word of mouth and opt for an insurer that their friends and family recommend – especially Emiratis are more likely to go by the recommendations received from their social circle. 

The study highlighted that positive experience or service from the company representative stands as one of the key non-negotiables when getting insured. 

At GIG Gulf, our customer star ratings, as verified by a third-party company - eKomi stands at 4.5 stars. Customer reviews are also posted on the website in spirit of transparency, wherein we take pride in seeing positive reviews and experiences such as:

“They were very professional and helpful.", "Service was quick.” and “Prompt, fair and seamless claim settlement - unmatched.” .